Casino Royale is definitely in my top 5 best Bond films. It was pretty long, but it wasn't weighed down by all the travelogue footage and other types of padding seen in other Bond films (ooh! let's watch 20 minutes of scuba divers pushing around nuclear missiles!).
But it felt a lot more like a 1950s period piece than anything happening in 2006, that's for sure. Take out the mentions of 9/11 and the end of the Cold War, and it could have easily been taking place 50 years ago.